One of the largest vacant development sites in the Williamsburg, Brooklyn, is in contract, sources say, according to an article today at crainsnewyork.com by Amanda Fung.

"The site, which is zoned for a building as large as 155,000 square feet, is located at 250 N. 10th St. The buyer is real estate investment firm and developer LCOR Inc., sources said. The site, owned by the Lax family, which is in the diamond business, has been on and off the market for three years, according to sources," the article said.

A spokesman for LCOR declined to comment.

SLCE Architects and Slade Architects, the article continued, were reportedly retained to design the residential project, but the family decided that they would be better off selling the property after they could not find an equity partner to invest in the project, sources said, adding that "the site is currently in contract for more than $100 per buildable square foot."

In December, the article said, the "Davis Cos., a Boston-based residential development firm, bought the note on the property from the original lenders, Intervest National Bank and The Stillwater Asset Backed Fund, according to public city records. The original mortgage was valued at $6.1 million, records show."

"Jon Frey, director of investor relations and senior vice president of acquisitions at The Davis Cos., confirmed that the company owned the note but said that was no longer the case," the article added.

The article said that "originally, the site was to become home to a 207-unit rental project with roughly 100 parking spaces, according to one source," adding that "the site is shovel ready and zoned for residential use."